In 2022, the three major global credit rating agencies—Moody’s, Standard & Poor’s (S&P), and Fitch—each gave positive evaluations of Vietnam’s credit rating. Notably, on September 6, Moody’s upgraded Vietnam’s long-term sovereign credit rating from Ba3 to Ba2, with a “stable” outlook. Vietnam is the only country in the Asia-Pacific region and one of only four countries globally to receive an upgrade from Moody’s. International organizations have highly praised Vietnam’s macroeconomic policies, financial stability, and efforts to overcome external “shocks.”
Over the course of more than a month (from September 23 to October 25), the State Bank of Vietnam made several adjustments to interest rates and exchange rates, including two hikes in the operational interest rates and the deposit interest rate ceilings. Additionally, the trading band for the Vietnamese dong against the US dollar was widened from 3% to 5%. The flexible adjustments by the government and the State Bank of Vietnam have helped curb inflation and enhanced confidence in Vietnam’s investment environment among both domestic and foreign investors.
